BTC 4-Hour Chart

For now, I think the price will continue in the big circle for the next 1-3 weeks. Why?

1) Parallelism

The upper yellow downtrend line and the white downtrend lines are parallel to each other. I think the price will reach the white downtrend area again. Reaching there again will take the price to around $52700.

2) Megaphone

When we look at the yellow lines, we can see that the price has been forming a megaphone structure that has been continuing downwards for about a few days. A price that wants to go below this megaphone structure again will see the $52700 area. This means the intersection with the contact of the white downtrend lines.

3) Horizontal Lock

The $59500-$60700 range is the most important resistance range for the price. A price that exceeds $60700 would gain a bullish appearance. Apart from this, a horizontal process that can continue between roughly 52K - 60K seems more likely for now.